USD predictably loses value over time. That means a stablecoin issuer can invest the gained fiat dollars in stable stocks, and make a reliable profit. Gold can

USD predictably loses value over time. That means a stablecoin issuer can invest the gained fiat dollars in stable stocks, and make a reliable profit. Gold can (and does) rapidly rise in value. An issuer of a gold stablecoin could only ensure avoiding bankruptcy by actually owning that amount of gold. That would probably be difficult to do in practice. (And would also significantly cut into the profit potential of the issuer.)